London Capital Credit Union (LCCU) offers loans of up to £15,000 above savings, starting from just 5% APR, or small loans to tide people over until payday. Members can apply for a loan straight away and are rewarded with even lower interest rates if they have saved with LCCU first. To apply for a low cost loan a person must
- live OR work or study in Barnet, Camden, City of London, Hackney, Haringey or Islington,
- OR work for one of an employer partners of London Capital Credit Union in other parts of the UK
- OR be a member of Unite in Greater London,
- OR a member of The Co-operative Group in the London/SE Region.
If a person's low cost loan is approved and that person is not already a member, accounts can be opened with a minimum £20 or £50 deposit. The granting of the loan is based upon a person's ability to afford repayments and their savings record. Unlike other lenders London Capital does not judge people if they have had financial problems nor will it encourage people to borrow more than they need or can afford.